President Obama did inherit a bad economy. He also did nothing about it. When the economy was nose diving, he pedaled Obamacare under the guise of it being THE problem. Knowing that we had a disastrous housing bubble, did anyone really believe that? Of course medical care was a concern, but Obamacare has made the situation worse and it was not the cause of the recession.
He pushed a stimulus which created temporary and part time jobs, mostly in the government union sectors. It increased welfare. Finally, it was poorly managed and billions were wasted or stimulated jobs of foreign countries. It did succeed in adding to our debt.
He kept the elevated spending and we have had four budgets with trillion dollar plus deficits.
Obama has been in control of the economy for nearly four years and his spending spree is not working. The typical American family lost 40% of their wealth from 2007-2010.
The Federal Reserve report, released this week, said that the median family income fell to $45,800 in 2010 from $49,600 in 2007 and $49,800 in 2004, after adjusting for inflation.
Middle-age families (ages 35-44) were the hardest hit. Their wealth fell 54% in three years. Only 47.6% of these families were able to save money, far lower than other groups.
President Obama, the post-racial President, is redistributing everyone’s wealth, even minorities, but where is it going? China?
Hispanic Business – The Great Recession erased two decades of American wealth in three years, with a typical family’s net worth falling nearly 40 percent, the Federal Reserve said.
A median family’s net assets plunged to $77,300 in 2010 from $126,400 in 2007, the Fed said in its Survey of Consumer Finances, issued every three years.
The survey is widely considered one of the broadest and deepest sources of information about the financial health of U.S. families.
The wealth loss put Americans in 2010 roughly on par with where they were in 1992, when a gallon of gasoline cost an average $1.05, Bill Clinton became president, Prince Charles and Princess Diana separated, Microsoft Corp. released Windows 3.1 and “Home Alone 2: Lost in New York” was a box-office hit.
“It’s hard to overstate how serious the collapse in the economy was,” Moody’s Analytics Chief Economist Mark Zandi told The Washington Post. “We were in free fall.”
Young middle-age families, headed by people ages 35 to 44, were hardest hit, the Fed said. Their median net worth fell 54 percent to $42,100 in 2010.
A crash of housing prices directly accounted for three-quarters of the 2007-2010 loss, the Fed report said.
The median value of Americans’ stake in their homes fell 42 percent between 2007 and 2010, to $55,000, according to the Fed…